Bitcoin price fell significantly and broke the $3,700 support zone. BTC/USD is trading in a bearish zone and an upside correction is likely to face sellers near $3,700 or $3,880. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS nosedived recently and remain sell on rallies near previous supports (now resistances).

Key Takeaways:

Bitcoin price traded below the $3,700 support and tested the $3,400 zone.

Ethereum settled below the $100 support area and tested $80.

Ripple price declined below the $0.3200 support and revisited $0.3000.

EOS declined heavily and even broke the $2.00 support level.

VRS and WC gained more than 200% during the past 7 days.

Bitcoin Price Analysis

Bitcoin price formed a decent support base near the $3,700 level this past week and recovered above $4,100. BTC/USD recovered close to the $4,500 level where sellers emerged and protected further gains.

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $4,486 and later started a fresh decline. There was a slow and steady decline and the price broke the $4,000 and $3,800 support levels. The decline was such that the price even broke the $3,700 support area.

There was even a close below the $3,700 level and the 21 simple moving average (4-hours). Sellers gained control and pushed the price below the $3,500 level and the 1.236 Fib extension level of the last wave from the $3,698 low to $4,486 high.

The current technical structure is such that the price may continue to move down. An initial support is at $3,400, below which the price may trade towards the $3,200 level.

The stated $3,200 level is an important support since it represents the 1.618 Fib extension level of the last wave from the $3,698 low to $4,486 high. Below $3,200, the price is likely to test the key $3,000 support level.

On the flip side, if there is an upside correction, the price may find resistance near the $3,600 level. However, the most important resistance is near $3,700, which was a support earlier. Moreover, there is a crucial bearish trend line with resistance near $3,880 on the same chart.

Ethereum Price Analysis

Ethereum price traded in the same fashion and followed bitcoin’s decline. This past week, ETH/USD formed a decent support near the $102 level and recovered above $115, but the upward move faced a solid resistance near the $130 level.

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price found sellers near the $128 level and later started a fresh decline. The price declined heavily and broke the $115 and $110 support levels. Sellers even managed to push the price below the $102 support level.

Later, the price broke the $100 support and settled below the 21 simple moving average (4-hours). Moreover, there was a break below a declining channel with support at $100 on the same chart.

It opened the doors for more losses and the price broke the $97.00 level and the 1.236 Fib extension level of the last wave from the $102 low to $128 high. Buyers were completely outpaced as the price broke the $90 level.

A new low was formed below $86 and the 1.618 Fib extension level of the last wave from the $102 low to $128 high. If there is an upside correction, the price is likely to face sellers near the $96 or $100 levels, which were supports earlier.

Overall, Ethereum remains in a major downtrend and it seems like it may even break the $85-86 zone and trade towards the $70 level in the coming sessions.

Ripple Price Analysis

Ripple price did not decline much and remained stable compared to bitcoin and Ethereum. This past week, XRP/USD tested the $0.3200 support area and later staged a decent recovery.

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded above the $0.3600 and $0.3800 resistance levels. However, the price failed to break the $0.4000 resistance and later started a new downward move below the $0.3800 level.

The price traded below the $0.3600 and $0.3400 support levels and settled below the 21 simple moving average (4-hours). Sellers even pushed the price below the $0.3300 support level.

A new monthly low was formed near $0.2940 and the price is still following a downtrend. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent decline from the $0.4082 high to $0.2935 low.

There is also a major bearish trend line in place with resistance at $0.3300 on the same chart, above which the price may test the $0.3500 resistance and the 50% Fib retracement level of the recent decline from the $0.4082 high to $0.2935 low.

Overall, ripple price remains in a downtrend as long as it is below $0.3500. On the downside, a break below $0.2900 may push the price towards $0.2800 or $0.2650.

EOS Price Analysis

EOS price remained one of the worst performers as it declined continuously from the $4.00 swing high against the US Dollar. Sellers remained in action and they were successful in clearing the $3.00 and $2.50 support levels.

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price followed a steady decline and a declining channel. Later, the price broke the channel support at $2.10 and declined below the $2.00 support level.

The price is now trading well below the $2.50 pivot level and the 21 simple moving average (4-hours). A new multi month low was formed near $1.68 and it seems like the current downtrend is far from over.

On the upside, an initial resistance is the 23.6% Fib retracement level of the recent decline from the $3.00 high to $1.68 low. More importantly, the key resistance is near the $2.20 level and the 21 simple moving average (4-hours).

The 50% Fib retracement level of the recent decline from the $3.00 high to $1.68 low is also near $2.34 to act as a solid resistance for buyers. Therefore, there are high chances of more losses in EOS below $1.68 and any upsides are likely to face sellers near $2.20 or $2.35.

Top Gainers

Despite the recent decline, a few small cap altcoins gained more than 80% during the last 7 days, including VRS, WC, PUT, XYO, GLD, LPC and KNOW (trading volume more than $50K). Out of these, VRS rallied around 250% and WC gained nearly 210%.

Overall, bitcoin price is under a lot of pressure below the $3,700 support. BTC/USD is likely to recover in the short term, but sellers could defend the $3,700 and $4,000 resistance levels. Similarly, major altcoins like Ethereum, EOS, litecoin, ripple, bitcoin cash, BCHSV, ADA, NEO, ZRX and XMR remain in a major downtrend and they are likely to extend losses in the coming days.

The market data is provided by TradingView, Bitfinex.

The post Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 7th December appeared first on Blockonomi.